if you are not sure of the authenticity of the information provided by the lawyers here then might as well you refrain from posting your queries here and consult some lawyer in person!!
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People do not want to read the responses and jump to conclusions
Firstly presently you have no iota of right in the flat which is owned jointly by your parents
When the co owners are themselves alive there is no question of their legal heirs having any right in the property
The claim of legal heirs will surface only after the demise of the owner provided the owner has not already disposed of the property in his lifetime or has made a Will in favour of some other person while excluding his legal heirs
So the question of release Deed does not arise
A release is always between co owners. And you are not a co owner
So if your father wishes to transfer his share in the flat in his lifetime then it can only be done by a registered gift deed
The government has prescribed different rates of stamp duty when the gift is to a descendant like children or to relatives by marriage like wife
If no such gift deed is made then the share of your father after his demise would devolve on his legal heirs as per intestate succession
Some societies simply transfer the share certificate to the names of the legal heirs of the deceased member by accepting some affidavit with indemnity from the applicant legal heir and the death certificate of the deceased member
However mere entry of name of legal heirs in the share certificate does not confer any ownership right or title on them
For proper conferment of title, any of the legal heirs of the deceased has to apply for letter of administration from Bombay HC and upon such legal heir being appointed as an administrator, he can register transfer deeds in favour of the legal heirs of the deceased as per law. This confers proper title on the legal heir
The registered transfer deed alongwith the LA grant is to be submitted to society which then proceeds to transfer the shares attached to the flat to the name of the transferee mentioned in the transfer deed
There is no automatic transfer
A proper procedure needs to be followed which would entail expenses
Once again the senseless ratings of the users matter least. If such users choose to remain ignorant then it is at their peril. Lawyers cannot be expected to state what the users like to hear from them.